Leading Publishers Form Venture to Offer New Digital Reading Platform, Storefront

NEW YORK CITY—December 8, 2009—Condé Nast, Hearst, Meredith, News Corp. and Time Inc. today jointly announced that they have entered into an independent venture to develop open standards for a new digital storefront and related technology that will allow consumers to enjoy their favorite media content on portable digital devices.

The goal of this digital initiative is fourfold, to create: a highly featured common reading application capable of rendering the distinctive look and feel of each publication; a robust publishing platform optimized for multiple devices, operating systems and screen sizes; a consumer storefront offering an extensive selection of reading options; and a rich array of innovative advertising opportunities.